Stocks in Istanbul fall on Christmas Day as ministerial resignations shake
confidence in Erdogan's Turkish government.

The spirit of Christmas has failed to lift the mood on Turkey's main stock exchange after the resignation of three government ministers rocked confidence in the administration of Recep Tayyip Erdogan.

The XU100 index fell 3 pc and the lira weakened against the dollar on Wednesday after Economy Minister Zafer Çağlayan and Interior Minister Muammer Güler joined the Environment Minister Erdogan Bayraktar in stepping down amid a corruption investigation involving state-run lender Halkbank.

Bayraktar later called on the prime minister Erdogan also to resign.

Elsehwere on Christmas Day, Asian shares rose after another record-breaking close on Wall Street and strong economic data from the US, though most financial markets in the region were closed for the holidays.

Tokyo's Nikkei index closed up 0.76pc, or 120.66 points, at 16,009.99, reaching another six-year closing high and reversing losses at the start. In China the Shanghai Composite climbed 0.64pc to 2,106.35.

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Financial markets in Hong Kong, the Philippines, Malaysia, Indonesia, Singapore, Australia, New Zealand, South Korea and India were closed for the holiday.

US stocks closed at a new all-time high on Christmas Eve, following solid reports on durable goods and new home sales.

The Dow Jones Industrial Average and the S&P 500 both hit their highest-ever levels, rising 0.39pc to 16,357.55 and 0.29pc to 1,833.32 respectively. The tech-rich Nasdaq Composite Index tacked on 0.16pc to 4,155.41.

The November report on US durable goods orders showed an increase of 3.5pc, more than expected.

In another positive sign, the number of new home sales in the US in November, though slightly down from the October level, also beat expectations.

The news added to a run of recent figures showing a pick-up in the US economy - including data on unemployment and economic growth - indicating it is well on the road to recovery.

Last week the Federal Reserve announced it would from next month reduce its stimulus programme by $10bn to $75bn a month.

The Telegraph Investor

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